By Ovunc Kutlu
ISTANBUL (AA) - Americans will see a 2.5% cost-of-living adjustment to their benefit payments next year, the US Social Security Administration said Thursday.
The benefits will cover more than 72.5 million Americans, it said in a report.
While the cost-of-living adjustment will begin with benefits payable to nearly 68 million social security beneficiaries in January 2025, increased payments to nearly 7.5 million recipients will begin on Dec. 31, 2024.
The 2.5% cost-of-living adjustment, however, is the lowest annual increase since 2021, when beneficiaries saw only a 1.3% gain in benefits.
"The earnings limit for people reaching their full retirement age in 2025 will increase to $62,160," the agency said in a statement.
"The earnings limit for workers who are younger than full retirement age will increase to $23,400," it added.